Table 7.

Key findings regarding the correlation between cryptocurrency and stock market in advanced countries.

Author	Cryptocurrency Used	Country	Main Findings
Erdas and Caglar (2018)	Bitcoin	USA	•Causal relationship exists.
Salisu et al. (2019)	Bitcoin	G7 countries	•Stock market returns in the G7 have a strong positive correlation to cryptocurrency's predictability.
Wang et al. (2019)	Bitcoin	Europe, USA	•A significant time-of-day and bilateral causality relation exist between the momentary variables of Bitcoin and global equity markets.
Zhang et al. (2018)	Bitcoin, Ethereum, Ripple	USA	•The association of Bitcoin and traditional assets is minimal, and it ​fluctuates.
Zhang et al. (2021)	Bitcoin	USA	•There is a time-dependent investment volatility spillover that subsists between bitcoin and four other ​commodities.
Isah and Raheem (2019)	Bitcoin	USA	•Forecasting programs based on BTC are far more effective at predicting equity returns.
López-Cabarcos et al. (2021)	Bitcoin	USA	•As per the findings, Bitcoin instability is more unpredictable during volatile times.
Wang et al. (2020)	Bitcoin	USA	•The S&P 500 does have a moderate impact on Bitcoin, whereas the effect of ​the S&P 500 is diluting.
Tiwari et al. (2019)	Litecoin	USA	•Litecoin is indeed the safest way to hedge over the US ​equity market's volatility.
Wang et al. (2021)	Bitcoin, Ethereum	USA	•Asymmetric contagion effects between the two financial markets.
Charfeddine et al. (2020)	Bitcoin, Ethereum	USA	•The connection between cryptocurrencies and traditional assets is highly vulnerable to financial and economic ​disruptions of the outside world.
Corbet et al. (2018)	Bitcoin, Ripple, and Litecoin.	USA	•Cryptocurrencies could be a good way for tight speculators to expand their investment opportunities.